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01 january 2014
Home > Products > Services Catalogue > Services Details

Custody Investor Number (IN) Opening

Details
Based on agreement and POA signed by investors and licensed custodians – custody banks are allowed to submit IN opening requests to DFM for their clients.  

For more information on this service, please contact:
DFM Customer Services
T: +971 4 305 5555
E: customerservice@dfm.ae

Fees
N/A

Procedures
  • Fill the electronic form which should contains the following:
  1. Local custodian name
  2. Global custodian name
  3. Investor name (matches the official documents)
  4. Investor number (starts with custodian initials)
  5. Nationality/country of origin
  6. Local custodian address
  • Attach a valid copy of an official document which shows the legal name of the investor (passport for individuals, and commercial license or registration, article or memorandum of association for corporates), and place the bank’s stamp in all pages along with signature of an authorized person.
  • Attach a valid copy of the National ID for UAE nationals.
Ensure availability of global custodian documents with DFM (copy of memorandum of association of global custodian, copy of custody agreement between local and global custodians).

Required Documents
  • A copy of the Memorandum of Association.
  • A copy of the Commercial License and the Commercial Registry, certified by the local custodian.
  • A transcription of the valid Passport, certified by the local custodian.
  •  A copy of a valid National ID for UAE citizens, certified by the local custodian.

How to Apply?
Online through DFM eServices

FAQs

Before custodians send the request of opening an Investor Number (NIN), they need to ensure that their potential client does not hold an existing investor number with the DFM, and in case the client does already hold an investor number with inventory positions, the custodian should send a transfer request along with the account opening request. The requirements for migrating an existing client to custody are as follows:
  • A letter from the custodian stating the following details:
    • NINs of the transferor and transferee.
    • Investor name of transferor and transferee.
    • List of symbols with quantities which need to be transferred.
    • Global custodian name (if applicable).
    • An undertaking that there is no change in beneficiary owner pertaining to the mentioned transfer.
    • Clear instruction to close the transferor NIN together with the underlying accounts after the transfer is complete.
  • Custodians should also provide a copy of the client’s written instruction of the same (signed). The signature will be verified against the signature on the “Entry of Investors Data” Form initially submitted (this only applies when the client is moving securities to a custody account).
  • Global custodian letter / SWIFT instruction of the same (if applicable).
  • Transfer fees (refer to Custodian Fees)
In case the existing client wishes to move out of custody and holds inventory positions, the custodians should send a transfer request and attach the account opening request which should be prepared by the client or their broker. The requirements of the transfer request are as follows:
  • A letter from the custodian with full instructions:
    • NINs of the transferor and transferee.
    • Investor names of the transferor and transferee.
    • List of symbols with quantities which needs to be transferred.
    • The clause "there is no change in beneficiary owner pertaining to the mentioned transfer".
    • Clear instruction to close the transferor IN together with the underlying accounts after the transfer is complete.
  • Global custodian letter / swift instruction of the same (if any).
  • Transfer fees (refer to Custodian Fees).